Cost Management Subject Guide S1 2021 PDF

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Study guide 2021 S1...

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ACCT 20001 Cost Management SUBJECT GUIDE

Semester 1, 2021

Prepared by Sujay Nair [email protected]

Department of Accounting Faculty of Business and Economics

Subject Outline Introduction Welcome to Cost Management (ACCT20001) Subject Overview and Aims

Cost Management acquaints students with the role of cost accounting in providing information used by managers and other decision makers in the management of organisations. A range of techniques employed by managers in the planning and control of organisational activities are explored. In addition to introducing the technical aspects of these cost management techniques, this subject is concerned with the use of these techniques for effective decision making in the management of organisational resources to support managers in their tasks of enhancing both customer and shareholder value. https://handbook.unimelb.edu.au/2021/subjects/acct20001

Learning Outcomes Learning Outcomes and Generic Skills To view the subject objectives and the generic skills you will develop through successful completion of this subject, please see the University Handbook: https://handbook.unimelb.edu.au/2021/subjects/acct20001

Eligibility and Requirements To view the eligibility and requirements, including prerequisites, corequisites, recommended background knowledge and core participation requirements for this subject, please see the University Handbook: https://handbook.unimelb.edu.au/2021/subjects/acct20001/eligibility-and-requirements

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Academic Staff Contact Details Subject Coordinator Contact Details Name: Sujay Nair Email: [email protected] Consultation Hours: Please refer to LMS Tutors Jane Serrao

[email protected]

Annette Rea

[email protected]

Antonius Jaeger [email protected] Mary Corrigan [email protected] Email Protocol Please note that we are only able to respond to student emails coming from a University email address. Please do not use personal email addresses such as Yahoo, Hotmail or even business email addresses. Emails from non-University email addresses may be filtered by the University’s spam filter, which means that we may not receive your email. All correspondence relating to this subject will only be sent to your University email address. Note that you must first activate your University email address before you can send or receive emails at that address. You can activate your email account at this link: http://accounts.unimelb.edu.au/. While academic staff endeavor to address queries received via email, it is more appropriate to resolve substantive questions during lectures and tutorials and during normal consultation hours. With this in mind, we encourage students to attend all lectures and tutorials and to familiarise themselves with the consultation hours offered by the lecturers and tutors in this subject.

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Lectures Lecture will be made available via video recordings on the LMS Lecture Schedule

Week

W/C Lecture

1

1/3

1

2

8/3

2

3

15/3

3

4

22/3

4

5

29/3

5

Topic Introduction to Cost Management

Fundamental Cost Concepts

6

Basic Cost Accumulation and Assignment & Job Costing Process Costing & Allocation of Indirect Cost Activity-Based Costing (ABC)

5/4

Easter Non-Teaching Week

12/4

Mid Semester Test

Readings / Cases Chapter 1

Chapter 2 Chapter 3

Chapter 4 Chapter 5 Chapter 11 A Votre Sante

Chapter 8 Chapter 9 Arizona Micro Brewery Tough Choices - Haiti Smart Sparrow CVP module Chapter 10 Chapter 12 Chapter 7 Chapter 12

7

19/4

6

Cost-Volume-Profit (CVP) Analysis & Cost estimation

8

26/4

7

Short-Term Decisions

9

3/5

8

Long-Term Decisions

10

10/5

9

Introduction to Budgeting

Chapter 14 Chapter 15,16

11

17/5

10

Variance Analysis

12

24/5

11

Capstone exercise

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Lecture Slides Lecture slides will be placed on the LMS page for this subject prior to each lecture.

Tutorials (Workshops) Tutorials or Workshops commence in the second week of the semester will run for 90 minutes. They will consist of both face-to-face and on-line tutorials. See LMS for the tutorial schedule. Tutorial Participation Requirements Tutorial Attendance

Attendance at tutorials are expected and will be recorded by the tutor. Tutorial Preparation

Tutorial preparation requirements can be found on the Learning Management System. Preparation requirements will be available for students to download at least one week prior to each tutorial. The material covered in each tutorial relates to lectures in the previous week. Students are expected to prepare answers to all requirements that are listed prior to attending tutorials (i.e. to have made a genuine attempt to complete the set tasks) in order to be able to satisfactorily participate in tutorials. Depth of understanding and effectiveness of learning will only be maximised where students are thoroughly prepared. Solutions to Tutorial Preparation Requirements

Solutions to weekly tutorial preparation requirements will be made available to students via the Learning Management System at the end of each week. Generally, they are released by close of business on Friday.

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Tutorial schedule

Week

Tutorial Tutorial Topic

1

Tutorial Exercises

No tutorial

2

1

Introduction to Cost Management (Lecture 1)

3

2

Fundamental Cost Concepts (Lecture 2)

4

3

Basic Cost Accumulation and Assignment & Job Costing (Lecture 3)

5

4

Process Costing and Allocation of Indirect Cost (Lecture 4)

6

-

Mid Semester Test week (no lectures / tutorials)

7

5

Activity-Based Costing (Lecture 5)

8

6

Cost-Volume-Profit (CVP) Analysis & Cost estimation (Lecture 6)

9

7

Short-Term Decisions (Lecture 7)

10

8

Long-Term Decisions (Lecture 8)

11

9

Introduction to Budgeting (Lecture 9)

12

10

Flexible Budgets and Variance Analysis (Lecture 10)

Refer to Tutorial Requirement documents on LMS (under Modules)

Tutorial Participation While tutorial participation will not be evaluated by tutors, students are still encouraged to be active participants in class. On-line tutorial recordings Audio and video recordings of selected on-line tutorials delivered in this subject will be made available for review to students enrolled in the class following each tutorial. Students can choose to NOT turn on their video / audio during the recording. For more details on Student Privacy with regards to on-line tutorials / meetings please see: https://lms.unimelb.edu.au/students/studentguides/zoom-student-privacy 6

The purpose of these recordings is allow students to revise the tutorials during the semester, or to review them in preparation for the end of semester exam. Students are encouraged to attend live tutorials in order to participate in class and group debates/discussions which is an essential component of this subject. Students can access the recorded tutorials via the LMS for this subject. Private Tutoring Services Faculty has become increasingly concerned about the existence of a number of private tutoring services operating in Melbourne that heavily target University of Melbourne students enrolled in FBE subjects. Students are urged to show caution and exercise their judgement if they are considering using any of these services, and to please take note of the following: Any claim by any of these businesses that they have a “special” or “collaborative” or “partnership” style relationship with the University or Faculty is false and misleading. Any claim by a private tutoring service that they are in possession of, or can supply you with, forthcoming University exam or assignment questions or “insider” or “exclusive” information is also false and misleading. The University has no relationship whatsoever with any of these services and takes these claims very seriously as they threaten to damage the University’s reputation and undermine its independence. It is also not appropriate for students to provide course materials (including University curricula, reading materials, exam and assignment questions and answers) to operators of these businesses for the purposes of allowing them to conduct commercial tutoring activities. Doing so may amount to misconduct and will be taken seriously. Those materials contain intellectual property owned or controlled by the University. We encourage you to bring to the attention of Faculty staff any behaviour or activity that is not aligned with University expectations or policy as outlined above.

Assessment Assessment Overview – note changes to Handbook

The assessment for this subject consists of the following: End-of-Semester Exam [3 hours]

75%

Mid-Semester Test [1 hour]

25%

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Please note that satisfactory completion of this subject requires a pass in the final examination. Students should note that they are required to be available for the entire examination period. Further details regarding the exam will be provided in due course. Relevant past exam questions will be made available via the LMS.

Mid-Semester Test The mid-semester test will be likely be held in week 6. The test is one hour in duration. Test week Day

Week 6

Thurs

Test date

15 April

Start

11am

End

12pm

Venue

On-line / Open Book

Practice test questions will be available on the Learning Management System to assist with your preparation for this test. Mid-semester test results will be published in the My Grades folder of the LMS as soon as practicable.

Subject Resources Prescribed References

•

Bhimani, A., Horngren, C. T., Datar, S. M., & Rajan, M. V. (2019). Management and Cost Accounting (7th Edition). Prentice Hall: England.

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Other prescribed (and supplementary) readings for ACCT20001 Cost Management are available from the Learning Management System.

Hardcopies and e-textbooks are available at the library – see links below

http://cat.lib.unimelb.edu.au/record=b7387765? https://ebookcentral.proquest.com/lib/unimelb/detail.action?docID=5763141

To purchase a copy of the above textbook (i.e., Bhimani et al., 2019), please go to: https://www.booktopia.com.au/management-cost-accounting-alnoorbhimani/book/9781292232669.html

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Academic Integrity Academic Honesty The University maintains high academic standards in its courses and subjects and expects students to conduct themselves in a manner which is fair, honest and consistent with the principles of academic integrity, particularly when undertaking assessment and research. http://academicintegrity.unimelb.edu.au/ Referencing All sources used for a written piece of assessment must be referenced. This is to acknowledge that your material is not based entirely on your own ideas, but is based, in part, on the ideas, information, and evidence of others. This is desirable as you are attending University in order to learn from others. You will be required to use the APA system of referencing. The library has prepared a website to help students correctly reference: http://www.lib.unimelb.edu.au/recite/citations/harvard/generalNotes.html It is important that all material you present for assessment is referenced correctly. Material that has not been referenced correctly may be considered to be plagiarised, and as such may be penalised. We will also look for evidence that material included in the bibliography has been used in the assignment. Including references that have not been used may also result in your assignment being penalised The Academic Skills Unit has produced resources to assist students with referencing https://services.unimelb.edu.au/academicskills/undergrads/top_resources The Library also provides advice on referencing: http://library.unimelb.edu.au/cite

University Services Timetable MyTimetable is a class timetabling system that creates individual timetables for students based on submitted class preferences, ensuring everyone has an equitable opportunity of getting their preferred class timetable. You will use this system to create your class timetable prior to each study period. By following a preference-based model, students who have other commitments, such as employment or carer responsibilities, or who are returning or living overseas during the timetabling period, aren’t disadvantaged by their limited availability. When allocating class timetables, MyTimetable also takes into consideration factors such as class size limits and potential clashes to ensure all students are equally accommodated. Further information is available on the web at https://students.unimelb.edu.au/admin/class-timetable 9

Stop 1: Connecting Students and Services Stop 1 is here to provide you with a range of support services throughout your university degree, from help with enrolment, administration and wellbeing to advice on building your skills and experiences. https://students.unimelb.edu.au/stop1 Academic Skills Academic Skills offers a range of workshops and resources to help you with study skills including researching, writing and referencing, presentation skills and preparing for exams. Visit their website via http://services.unimelb.edu.au/academicskills. Service Finder The University of Melbourne offers one of the most comprehensive student support networks in Australia. Use this site to locate a wide range of services http://services.unimelb.edu.au/finder Student Counselling Students attend counselling to talk about personal, emotional, or mental health issues which might be affecting their study and life. The University’s Counselling and Psychological Services (CAPS) provides free, confidential, short-term professional counselling to currently enrolled students and staff. https://services.unimelb.edu.au/counsel/individual Student Equity and Disability Support Student Equity and Disability Support provides services for students who need ongoing support with their studies. They understand that adjustments to learning and assessment are sometimes required to allow all students to reach their full potential. Learn more about the services provided, how to find support and how to register for assistance. http://services.unimelb.edu.au/student-equity University of Melbourne Library Services As well as holding an extensive collection of books, ebooks, digital media and periodicals, library staff provide research guidance and support for students. http://library.unimelb.edu.au/ These Business and Economics Library Guides have been designed specifically for Faculty of Business and Economics staff and students. http://unimelb.libguides.com/sb.php?subject_id=80310

Policy Alternative Exam Arrangements (AEA) The definition of and eligibility requirements for alternative exam arrangements (AEA) can be found via http://students.unimelb.edu.au/admin/alternate .

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Assessment and Results Policy The University’s assessment policy provides a framework for the design, delivery and implementation of assessment of students in award and non-award courses and subjects. Assessment is designed to contribute to high quality learning by students, and to allow for quality assurance and the maintenance of high academic standards. https://policy.unimelb.edu.au/MPF1326 Exam Policy The University requires that you are available for the entire examination period. Please see the University's Principal Dates via http://www.unimelb.edu.au/dates#2018 for the full annual calendar. Supplementary exams will not be provided in cases of absence during the examination period unless the absence is due to serious illness or other serious circumstances and a Special Consideration application is submitted and approved. Information on Calculators in Examinations Effective from 1 January 2017, the approved calculator for all subjects is the Casio FX82 (any suffix). No equivalent models of calculators will be permitted in exams. You are required to purchase your own calculator and are responsible for ensuring your calculator is in good working order with fresh batteries. Plagiarism and Collusion Plagiarism (failure to cite your sources correctly and completely) and collusion (unauthorised collaboration with another person to prepare an assessment task) are considered academic misconduct and attract severe penalties. More information is available on the University’s Academic Integrity website via http://go.unimelb.edu.au/rha6. Special Consideration As a student, you may experience extraordinary or unusual circumstances, or ongoing circumstances that adversely affect your academic performance. The University has policies in place to support students who are experiencing academic disadvantage. For more information, visit http://students.unimelb.edu.au/admin/special.

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